BY JILL D’AMICO

New York State Governor Eliot Spitzer (pictured) announced $106 million in unified funding awards approved by the Housing Trust Fund Corporation (HTFC) and the State’s Division of Housing & Community Renewal (DHCR) today, Aug. 10. The money will allow community and economic development organizations to see the development and preservation of affordable housing. In all, more than a half-billion dollars will be secured across the state.

This announcement has turned out to be a boon for Brooklyn – 285 units of affordable housing are slated to be built in 10 developments.

Assemblyman Vito Lopez, who chairs the Assembly’s Committee on Housing, said, "Today's announcement of $106 million will provide a significant funding stream to address the affordable housing crisis that New York State residents are confronted with.”

Various federal, local and private sources have committed $420 million in additional funds.

Rebuild and Renew
Community revitalization – such as building residential units atop existing storefronts – will also be a focus of the grants.

“The funds are not just for new construction,” said DHCR spokesman Dan Irizarry, “But to preserve and maintain existing units.”

For example, the Southwest Brooklyn Industrial Development Corporation will be getting $200,000 to revamp six units and five building façades along seven blocks of Van Brunt Street in Red Hook.

Their funding is coming via New York Main Street, a state-run program that helps give a new lease on life to main street corridors.

“We’re thrilled,” said Phaedra Thomas, Southwest Brooklyn IDC executive director. “This grant money is not only going to help in the resurrection of this vibrant commercial corridor, which is doing very well – but will ensure its longevity and success.”

Common Ground, an organization that moves homeless people from streets and shelters into homes the organization builds or renovates, will be getting $1.2 million dollars and an allocation of low-income housing credits. This will raise an additional $11 million in equity towards the construction of Common Ground Senior Housing, a 72-unit building to be built in Brooklyn.

“There are a number of ways this money is being put to use,” said Mr. Irizarry. “What unites the projects is the support and preservation of affordable housing. It is essentially the under girding of these communities.”

On the Web:
New York State Division of Housing & Community Renewal